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MSE News: Do you know your second-hand car’s history? Beware logbook loans
Former_MSE_Paloma
Former MSE 531 Posts
in Motoring
If you're looking to buy a second-hand car, you may be at risk of unwittingly inheriting debts from the previous owner ...
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Do you know your second-hand car’s history? Beware logbook loans
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Do you know your second-hand car’s history? Beware logbook loans
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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The problem is, the scum that registered a lien will refuse to lift the lien until you paid a release fee, and even then take their sweet time doing it.
So we have to pay the DVLA first, which gets a confirmation from the lender the amount is correct, so that the lien is lifted before money is transferred to the lender. It's a good little earner for the DVLA, I would have thought.
This is what I was wondering.
For as long as I can remember, there has been an issue with some cars being sold with outstanding finance, and the advice has always been to get it HPI checked before handing over your money.
It doesn't matter what type of finance agreement it is that is attached to the vehicle, HPI will spot most of them, and even if it doesn't, it will still protect you up to £30k
http://www.presscentre.hpicheck.com/buying-advice/dont-be-caught-out-by-bill-of-sale-loophole/
No, I didn't say they would pay you £30k back - if you read the link, they offer a guarantee worth up to £30k.
Terms apply.
e.g. you need to have made reasonable attempts to contact the seller and resolve the issue and recover such loss. (unless the police have told you not to)
but the securing of a log book loan on a car should really still go back to the person who took out the loan. not the car.
You should be protected even if they don't but the biggest thing is never to buy a car without the V5. You only have to see some of the posts on here with all manner of excuses why the owner doesn't have a V5. SOme may be genuine but there is no way I'd buy any car where they couldn't provide that document. Ok, so some may be fraud where they have got replacement V5 while under a loan but the vast majority just try their luck and sell without it.